Starting in 2019 consumers will have the opportunity to provide to Experian additional information to the company via their cellphone and utility history in order to bolster and mitigate their credit history. This will help many consumers seeking to repair their credit after a bankruptcy, or repairing troublesome credit, as well as assisting others who have little or no credit history with banks. This is part of the industry trend from governmental pressures and market trends to liberalize the availability of credit for the less then perfect borrowers. The three major players in the industry, Experian, Equifax, Inc and Transunion have all already removed notations regarding tax liens judgement in line with these developments. The Fico score may also soon take into consideration in a pilot project with Experian, the history and management of ones checking and savings account as as indicator of managing ones debts. The projected net result of these changes according to Experian will lead to an immediate increase in credit scores for the average person, thus improving the chances of obtaining, credit cards, personal loans, and auto loans.
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